Pebblebrook Hotel Trust sells The Hotel Zags for $10M
Pebblebrook expects the sale not to affect its current third-quarter 2026 Outlook, with the transaction reflected in its fourth-quarter and updated full-year outlook.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Pebblebrook Hotel Trust completed the sale of The Hotel Zags, a 174-room hotel in Portland, Oregon, for $10.0 million to a third party on October 8, 2026. For the trailing twelve months ended August 31, 2026, the hotel’s estimated net operating loss was ($0.8) million after an assumed annual capital reserve of 4.0% of total hotel revenues, and its estimated hotel EBITDA was ($0.6) million.
Pebblebrook expects to use the proceeds for general corporate purposes. Potential uses include opportunistic repurchases of the company’s common or preferred shares and other capital allocation priorities.
Filing Explained
The completed Hotel Zags sale is not expected to affect Pebblebrook’s current third-quarter 2026 outlook; the company says it will reflect the sale in its fourth-quarter and updated full-year outlook when it reports third-quarter results.
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Sale price: $10.0 million
Hotel rooms: 174 rooms
Estimated hotel net operating loss: ($0.8) million
+2 more
5 metrics
Sale price
$10.0 million
The Hotel Zags sale completed October 8, 2026
Hotel rooms
174 rooms
The Hotel Zags, in Portland, Oregon
Estimated hotel net operating loss
($0.8) million
Trailing twelve months ended August 31, 2026, after an assumed annual capital reserve
Estimated hotel EBITDA
($0.6) million
Trailing twelve months ended August 31, 2026
Assumed annual capital reserve
4.0% of total hotel revenues
Used in the estimated hotel net operating loss after capital reserves
Key Terms
hotel EBITDA, hotel net operating loss, capital reserve, ADR, +1 more
5 terms
hotel EBITDA financial
"estimated hotel earnings before interest, taxes, depreciation, and amortization (“EBITDA”)"
Hotel EBITDA is the operating profit a hotel generates before deducting interest, taxes, depreciation and amortization, showing the cash earned from running the rooms, food and services without counting financing costs or accounting for building wear. Investors use it to compare how well different hotels or brands perform, estimate property value and judge whether a hotel can cover debt and pay owners — like looking at how much cash a store makes before paying rent, loans and replacing old equipment.
hotel net operating loss financial
"hotel net operating loss after capital reserves"
capital reserve financial
"assumed annual capital reserve of 4.0% of total hotel revenues"
A capital reserve is a portion of a company's profits set aside for special purposes, such as funding future growth or covering unexpected expenses. It acts like a savings fund that helps ensure the company’s stability and long-term success, which is reassuring for investors because it indicates the company is prepared for future opportunities or challenges.
ADR financial
"except ADR and RevPAR data"
An American Depositary Receipt (ADR) is a financial certificate that lets investors buy shares of a foreign company through U.S. stock markets, similar to buying a local wrapper that represents the underlying foreign shares. ADRs matter because they make investing in overseas companies easier and more liquid by trading in U.S. dollars and under U.S. market rules, while still carrying currency, regulatory, and country-specific risks that can affect share value.
RevPAR financial
"except ADR and RevPAR data"
RevPAR, or revenue per available room, is a measure used in the hotel industry to show how much money a hotel earns from each of its rooms over a certain period. It helps investors understand how well a hotel is performing financially, similar to how a store's sales per square foot reveal its profitability. Higher RevPAR indicates better use of resources and stronger financial health.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much did PEB sell The Hotel Zags for?
Pebblebrook completed the sale for $10.0 million on October 8, 2026. The Hotel Zags was a 174-room hotel in Portland, Oregon, sold to a third party.
What were The Hotel Zags’ estimated results before its sale?
For the trailing twelve months ended August 31, 2026, the hotel’s estimated net operating loss was ($0.8) million after an assumed annual capital reserve of 4.0% of total hotel revenues, and estimated hotel EBITDA was ($0.6) million.
How may Pebblebrook use the proceeds from The Hotel Zags sale?
Pebblebrook expects to use the proceeds for general corporate purposes, including opportunistically repurchasing its common or preferred shares and supporting other capital allocation priorities intended to enhance long-term shareholder value.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): October 8, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction | (Commission | (I.R.S. Employer | ||||||||||||
| of incorporation) | File Number) | Identification No.) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||
Registrant's telephone number, including area code: (240 ) 507-1300
| Not Applicable | ||
| Former name or former address, if changed since last report | ||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01. Regulation FD Disclosure.
Pebblebrook Hotel Trust (the "Company") issued a press release on October 9, 2026, announcing that on October 8, 2026, it completed the sale of The Hotel Zags, a 174-room hotel in Portland, OR, for $10.0 million to a third party.
A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is hereby incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |||||||
99.1 | Press release, issued October 9, 2026, announcing the sale of The Hotel Zags, in Portland, OR. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PEBBLEBROOK HOTEL TRUST | |||||||||||
| October 9, 2026 | By: | /s/ Raymond D. Martz | |||||||||
| Name: | Raymond D. Martz | ||||||||||
| Title: | Co-President, Chief Financial Officer, Treasurer and Secretary | ||||||||||
Exhibit 99.1
4747 Bethesda Avenue, Suite 1100, Bethesda, MD 20814
T: (240) 507-1300, F: (240) 396-5626
www.pebblebrookhotels.com
News Release
PEBBLEBROOK HOTEL TRUST COMPLETES $10.0 MILLION SALE OF THE HOTEL ZAGS
BETHESDA, MD, OCTOBER 9, 2026 – Pebblebrook Hotel Trust (NYSE: PEB) (the “Company” or “Pebblebrook”) announced today that on October 8, 2026, it completed the sale of The Hotel Zags, a 174-room hotel in Portland, Oregon, for $10.0 million to a third party.
For the trailing twelve months ended August 31, 2026, the hotel’s estimated net operating loss was ($0.8) million, after an assumed annual capital reserve of 4.0% of total hotel revenues, and its estimated hotel earnings before interest, taxes, depreciation, and amortization (“EBITDA”) was ($0.6) million.
Pebblebrook expects to use the sale proceeds for general corporate purposes, including opportunistically repurchasing the Company’s common or preferred shares and supporting other capital allocation priorities intended to enhance long-term shareholder value.
This transaction is not expected to affect the Company’s current third quarter 2026 Outlook, which was issued on July 29, 2026. The Company will reflect the sale in its fourth quarter and updated full-year 2026 Outlook when it reports third quarter 2026 results.
About Pebblebrook Hotel Trust
Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust (“REIT”) and the largest owner of urban and resort lifestyle hotels in the United States. The Company owns 42 hotels, totaling approximately 10,800 guest rooms across 14 urban and resort markets. For more information, visit www.pebblebrookhotels.com and follow @PebblebrookPEB.
This press release contains certain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements are generally identifiable by the use of forward-looking terminology such as “estimated” and “will” or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections and forecasts and other forward-looking information and estimates. Examples of forward-looking statements include the estimates of hotel net operating loss and hotel EBITDA, the intended use of proceeds and the Company’s expectation regarding the effect of the transaction on its 2026 Outlook. These forward-looking statements are subject to various risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy, the operating performance of our hotels and the supply of hotel properties, and other factors as are described in greater detail in the Company’s filings with the Securities and Exchange Commission, including, without limitation, the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information about the Company’s business and financial results, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s SEC filings, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, copies of which may be obtained at the Investor Relations section of the Company’s website at www.pebblebrookhotels.com.
All information in this press release is as of October 9, 2026. The Company undertakes no duty to update the statements in this press release to conform the statements to actual results or changes in the Company’s expectations.
###
Contacts:
Raymond D. Martz, Co-President and Chief Financial Officer, Pebblebrook Hotel Trust - (240) 507-1330
For additional information or to receive press releases via email, please visit www.pebblebrookhotels.com
Page 2| Pebblebrook Hotel Trust | |||||
| The Hotel Zags | |||||
| Reconciliation of Hotel Net Loss to Hotel EBITDA and Hotel Net Operating Loss | |||||
| August 2026 Trailing Twelve Months | |||||
| (Unaudited, in millions) | |||||
| Twelve Months Ended | |||||
| August 31, | |||||
| 2026 | |||||
| Hotel net loss | ($1.9) | ||||
| Adjustment: | |||||
| Depreciation and amortization | 1.3 | ||||
| Hotel EBITDA | ($0.6) | ||||
| Adjustment: | |||||
| Capital reserve | (0.2) | ||||
| Hotel net operating loss | ($0.8) | ||||
This press release includes certain non-GAAP financial measures as defined under Securities and Exchange Commission (SEC) rules. These measures are not in accordance with, or an alternative to, measures prepared in accordance with U.S. generally accepted accounting principles, or GAAP, and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the hotel’s results of operations determined in accordance with GAAP. The Company has presented estimated trailing twelve-month hotel EBITDA and estimated trailing twelve-month hotel net operating loss after capital reserves because it believes these measures provide investors and analysts with an understanding of the hotel-level operating performance. These non-GAAP measures do not represent amounts available for management’s discretionary use, because of needed capital replacement or expansion, debt service obligations or other commitments and uncertainties, nor are they indicative of funds available to fund the Company’s cash needs, including its ability to make distributions. The Company’s presentation of the hotel’s estimated trailing twelve-month EBITDA and estimated trailing twelve-month net operating loss after capital reserves should not be considered as an alternative to net loss (computed in accordance with GAAP) as an indicator of the hotel’s financial performance. The table above is a reconciliation of the hotel’s estimated trailing twelve-month EBITDA and net operating loss after capital reserves calculations to net loss in accordance with GAAP. Any differences are a result of rounding. | |||||
Page 3| Pebblebrook Hotel Trust | |||||||||||||||||||||||||||||
| Historical Operating Data | |||||||||||||||||||||||||||||
| ($ in millions except ADR and RevPAR data) | |||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||
| Historical Operating Data: | |||||||||||||||||||||||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||||||||||||||||
| 2025 | 2025 | 2025 | 2025 | 2025 | |||||||||||||||||||||||||
| Occupancy | 63 | % | 78 | % | 80 | % | 69 | % | 73 | % | |||||||||||||||||||
| ADR | $309 | $314 | $300 | $292 | $304 | ||||||||||||||||||||||||
| RevPAR | $196 | $247 | $240 | $201 | $221 | ||||||||||||||||||||||||
| Hotel Revenues | $309.0 | $383.6 | $373.0 | $332.3 | $1,397.9 | ||||||||||||||||||||||||
| Hotel EBITDA | $64.4 | $115.1 | $100.1 | $69.1 | $348.7 | ||||||||||||||||||||||||
| Hotel EBITDA Margin | 20.8 | % | 30.0 | % | 26.8 | % | 20.8 | % | 24.9 | % | |||||||||||||||||||
| First Quarter | Second Quarter | ||||||||||||||||||||||||||||
| 2026 | 2026 | ||||||||||||||||||||||||||||
| Occupancy | 69 | % | 80 | % | |||||||||||||||||||||||||
| ADR | $318 | $329 | |||||||||||||||||||||||||||
| RevPAR | $219 | $263 | |||||||||||||||||||||||||||
| Hotel Revenues | $339.9 | $401.9 | |||||||||||||||||||||||||||
| Hotel EBITDA | $81.7 | $123.3 | |||||||||||||||||||||||||||
| Hotel EBITDA Margin | 24.0 | % | 30.7 | % | |||||||||||||||||||||||||
Notes: These historical hotel operating results include information for all of the hotels the Company owned as of October 8, 2026, following the sale of The Hotel Zags. The information above does not reflect the Company's corporate general and administrative expense, interest expense, property acquisition costs, depreciation and amortization, taxes, and other expenses. These hotel results for the respective periods may include information reflecting operational performance prior to the Company's ownership of the hotels. Any differences are a result of rounding. The information above has not been audited and is presented only for comparison purposes. | |||||||||||||||||||||||||||||
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